You should pay attention to the calendar when you start looking for property. Because certain days of the week and month are a better use of your time and produce less anxiety than others. And, if you are forewarned that certain days are unlikely to be productive, you won't stress when you don't get any feedback from the variety of professionals that you'll be dealing with.
You may have certain biases for and against certain days of the week. Just as The Bangles complained about a manic Monday, and we've all TGIF'd, and for the Monday to Friday crowd, Wednesday is 'hump day', I've come to appreciate that, in the world of real estate (and probably in many other places), certain days of the week are better for some things than others.
Because we are talking real estate here, we are primarily limited by two things, the government and banks. Government offices and bank offices are only open certain days of the week, pretty much Monday through Friday. Now, with budget cuts, many government offices are closing on Monday or Friday to cut costs. Banks and loan brokers are often open late on Friday and sometimes on Saturday, and can take a loan application at any time online, but I haven't seen anyone get a usable prequalification on a weekend.
So, if you want a loan you are going to be spending a weekday talking to a lender, even if it's only on the phone. So which day should you use? If you're able to, use Wednesday. Mondays are filled for many lenders with all of the business that has stacked up on the loan officers desk over the weekend, and in really busy times, Tuesdays get spillover. Fridays are the last day of the week to close and Thursdays are preparatory for Friday.
And, while this post has been waiting in draft form, I've gotten confirmation from three other agents, that on REOs and short sales, they almost never get an answer until Tuesday on any offer's they've made.
If you have made an offer on a house, you're not likely to hear from the seller, until the next Tuesday. This isn't, necessarily a bad thing. If you put an offer on a house that is 'acceptable' and time the offer to expire on Monday, it gives you the weekend to look at other homes that may be more desirable.
Once you submit your offer(s) you can relax, or at least be patient, because the listing agent might have 50 properties that he or she has received any number of offers on over the weekend. Just breathe deeply, keep you fingers crossed, pray, and submit the best offer you feel comfortable with on a particular property.
1 year ago